Cyber Insurance
In today’s digital world, cyber threats are a growing risk for businesses of all sizes.
Cyber insurance
In today’s digital world, cyber threats are a growing risk for businesses of all sizes. From phishing scams to ransom ware attacks, even small companies are vulnerable. Cyber insurance helps protect your business against the financial impact of cyber incidents, data breaches, and other digital threats.
Whether you are handling sensitive customer data, processing online payments, or simply using email and cloud-based systems, cyber insurance provides a crucial safety net. At IPS, we will help you find the right cover to protect your data and safeguard your reputation, operations and bottom line.
Cyber insurance is relevant for businesses in all sectors, particularly those that:-
- Process online payments
- Store personal, financial or sensitive data
- Depend on websites or IT systems for daily operations
- Handle client data or provide professional services
Key Features of Cyber Insurance include (subject to quotation/terms & conditions):-
Data Breach Response
Covers the cost of notifying affected individuals, restoring data and offering credit monitoring services.
Cybercrime Protection
Protection against financial losses resulting from phishing, ransom ware and social engineering attacks.
Business Interruption
Covers loss of income and additional expenses if your systems are disrupted due to a cyber incident.
System damage
Covers the cost to repair or replace hardware, software or data damaged by a cyber attack.
Legal & regulatory costs
Includes legal defence costs and support for regulatory fines (where legally insurable).
Third-party liability
Protection if a cyber incident affects your clients, suppliers or third parties including compensation and legal defence costs.
Additional optional add-ons of Cyber Insurance include:-
Incident Response & Crisis Management
Access to a 24/7 incident response team to help contain and manage cyber attacks. This can include IT forensic experts to identify the source and scope of the breach and PR specialists to manage reputational damage.
Social Engineering Fraud Coverage
While often excluded or limited in basic policies, some insurers offer cover for funds transfer fraud resulting from deception for example when an employee is tricked into transferring money to a criminal posing as a supplier.
Employee Training & Awareness
Access to cyber awareness training platforms and educational materials for staff.